What happens if …. I need help with Making Tax Digital?

New rules coming into effect next year mean that some businesses will need a digital accountancy package in order to make VAT returns to HM Revenue & Customs (HMRC), under a policy which is likely to be extended to other taxes in future years.

If your business turns over £85,000 a year, you will need to comply with these new Making Tax Digital rules.

Now is the time to start implementing these changes, to minimise the stress and hassle of adapting to the new system.

Even if your business is not registered for VAT, you can still reap the benefits of digital accounting. There are many accounting packages available – sometimes also known as ‘cloud’ accounting – that can give you the ability to:

  • Access key financial information in real-time at the same time as our team
  • Automate processes such as generating invoices
  • Easily store and collate receipts and business expenses

Making the move to digital accounting is straightforward and a great way to make life that little bit easier for you, so that you can concentrate on what you do best – running a successful business.

To find out more about digital accounting, read our latest blog or for practical help to get up and running, please contact the team at Moore Thompson today.

Posted in Tax News.